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Barchart
Barchart
Rich Asplund

Crude Settles Lower on a Smaller-Than-Expected Draw in Weekly EIA Supplies

EIA Oil US Federal Reserve United States Politburo

September WTI crude oil (CLU23) on Wednesday closed down -0.85 (-1.07%), and Sep RBOB gasoline (RBU23) closed up +4.39 (+1.57%).

Crude oil and gasoline prices on Wednesday settled mixed.  Crude prices are modestly lower after weekly EIA crude inventories fell less than expected.  Also, the Fed's action Wednesday to raise interest rates by 25 bp may slow the economy and negatively affect energy demand and crude prices.  Weakness in the dollar Wednesday was supportive of energy prices.

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